According to a new report Global Laboratory Informatics Market, published by KBV Research, The Global Laboratory Informatics Market size is expected to reach $4.1 billion by 2025, rising at a market growth of 6.4% CAGR during the forecast period.
The dominant market share was held by Laboratory Information Management Systems (LIMS) in 2019. Such systems include master data management, sample lifecycle analysis, reliability research, system and security administration, schedules, inventory, equipment, logistics and storage space, and analytical workflow. The ELN market is anticipated to grow at a CAGR of 5% during (2019 - 2025). The ECM market would witness a CAGR of 7.7% during (2019 - 2025).
In terms of revenue, cloud-based laboratory informatics solutions represented the largest market share and are anticipated to maintain their dominance over the forecast period. Cloud-based technology helps remotely house large amounts of data to allow free space on devices and facilitate data recovery according to client requirements.
The services segment recorded the largest market share of laboratory informatics revenue in 2018 and is expected to maintain its position over the forecast period. The growing outsourcing of LIMS solutions contributes to its growth. While large pharmaceutical research laboratories lack the resources and skills required for analytics implementation, they outsource these services. The Software market is expected to witness a CAGR of 5.9% during (2019 - 2025).
North America accounted for the largest revenue market share in 2018, thanks to policies that support the installation of laboratory information systems and the provision of technology with high digital literacy. The Asia Pacific region is expected to see a lucrative CAGR of 8.6% in the years to come due to the increasing number of CROs providing LIMS solutions in the region. The Europe market is experiencing a CAGR of 5.6% during (2019 - 2025).
Structural Insights: https://www.kbvresearch.com/laboratory-informatics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Thermo Fisher Scientific, Inc., LabVantage Solutions, Inc. (TCG Lifesciences), LabWare, Inc., Abbott Laboratories (Abbott Informatics Corporation), LabLynx, Inc., Agilent Technologies, Inc., Waters Corporation, PerkinElmer, Inc., Autoscribe Informatics, Inc., and McKesson Corporation.
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